Here’s a good time. Can’t WAIT till the gov’t has more power.
Category: Real Estate (page 53 of 266)
Main Street may be about to get its own gigantic bailout. Rumors are running wild from Washington to Wall Street that the Obama administration is about to order government-controlled lenders Fannie Mae and Freddie Mac to forgive a portion of the mortgage debt of millions of Americans who owe more than what their homes are worth. An estimated 15 million U.S. mortgages – one in five – are underwater with negative equity of some $800 billion. Recall that on Christmas Eve 2009, the Treasury Department waived a $400 billion limit on financial assistance to Fannie and Freddie, pledging unlimited help. The actual vehicle for the bailout could be the Bush-era Home Affordable Refinance Program, or HARP, a sister program to Obama’s loan modification effort. HARP was just extended through June 30, 2011.
The move, if it happens, would be a stunning political and economic bombshell less than 100 days before a midterm election in which Democrats are currently expected to suffer massive, if not historic losses. The key date to watch is August 17 when the Treasury Department holds a much-hyped meeting on the future of Fannie and Freddie.
What would be the motive for doing something this dumb? To buy your vote, of course:
Keep in mind the political and economic context. The nascent recovery is already running out of steam. Wall Street economists just downgraded the government’s second-quarter GDP estimate of 2.4 percent to around 1.7 percent. And as even Treasury Secretary Timothy Geithner is warning, the unemployment rate may well begin to rise back toward the politically toxic 10 percent level given such sluggish growth. Many in the White House thought the unemployment rate would be dropping sharply by this point in the recovery.
But that is not happening. What is happening is that the president’s approval ratings are continuing to erode, as are Democratic election polls. Democrats are in real danger of losing the House and almost losing the Senate. The mortgage Hail Mary would be a last-gasp effort to prevent this from happening and to save the Obama agenda. The political calculation is that the number of Read more
by Brian Brady
Commercial Real Estate Finance Expert
Structured Debt and Equity
Licensed Real Estate Broker in AL, CA, and FL
Joe Ferrara, Manhattan real estate attorney and founder of Sellsius Real Estate, passed away from an aggressive brain tumor yesterday. Joe, often credited as one of the pioneers of the online real estate community, explained and lampooned our industry from his home site. A ubiquitous presence, Joe offered advice to real estate agents, about online marketing, for Home Gain and Inman News.
Joe had a vision of an online marketplace; a Craig’s List of sorts for the real estate industry. While the RE.bots expended their energy and capital to aggregate listings, Joe thought his site might provide transparency for the NYC rental market, mostly dominated by the two, closed-system real estate boards. Ultimately, Joe thought Sellsius might encompass products and services for the dwelling and all that was in it.
Joe was an accomplished real estate attorney, practicing in Manhattan. He had a creative eye towards marketing and was a fountain of new ideas. His presentation of the inane, zany, and funny, real estate-related topics were addicting and his coverage of the technology sector, and how it might aid the real estate professional, was comprehensive. Joe had the gift of detachment and could present ideas to the layman with the knowledge only an industry insider might have.
Joe had a sense of justice. He willingly acted when he believed that the equilibrium of fair play had been imbalanced, regardless of the personal consequences.
Joe Ferrara had a paradoxical understanding that, amidst the rush to introduce technology to real estate solicitation, personal relationships would play an increased role in the industry. Consumer introductions however, would be atypical with our past marketing efforts. Joe believed that the broad reach and deep content, a real estate blog might have, would attract more quality customers to the best and brightest in the real estate industry. He felt, like I feel, that real estate agents should develop a worldwide, professional referral network.. Joe acted on that belief with then partner, Rudy Bachraty (now of Trulia.com), to organize Blog Tour USA. The “Sellsius Boys” set out to personally meet as many industry professionals as they could, in the summer of 2007.
The Read more
Vide:
That says: “Text HOUND9 to 88000.” If you snap a picture of it with a QR-code-reading client on your smart-phone, it should, in three steps or fewer, take you to a DriveBuy Technologies page for one of Cathleen’s short sale listings.
If you like good design, QR codes are plug ugly. But we’re going to start using them on our signs, commencing with the next listing. We often put the DriveBuy copy on a rider, so we’ll add the QR code there — on the order fo five inches square to make for an easy target.
Is anyone else playing with this technology?
As is likely true for most readers, though hard work, a constant learning curve, and a little luck have combined well for me, it was mentors selflessly adding new possibilities to my menu who made so many positive outcomes even possible. They showed me where the pockets of light were in the dark times — and, more importantly, where the light switches were. How to leverage new skill sets and knowledge into useful and productive results for clients. But most of all, to become a mentor whenever possible. I’ve done this, if only to honor the frequent detours of their valuable time on my behalf.
All of them are gone now.
When thinking of them, which is often and fondly, a feeling of tremendous gratitude and a bit of frustration wash over me. Though I routinely thanked them for their priceless gifts, there’s always that nagging frustration — somehow I could’ve shown more gratitude. The lessons imparted weren’t limited to the nuts ‘n bolts of being a real estate investment broker. One thing they shared was the core belief that regardless of the times, those who kept plowin’ the fields, day in, day out, would always have their barn filled with enough, if not a surplus, come harvest time.
That one nugget of wisdom has kept me talkin’ to the mule, while plowin’ the field far past sundown more times than I can remember. I’ve not once been let down when it came time to bring in the harvest. That surely doesn’t mean there weren’t years when hamburger helper wasn’t a staple. It meant that I was still standing — ready to compete when the excrement stopped hittin’ the whirling blades. I learned as a young man that sometimes winning/success = survival. For many these days that’s surely the reality.
None of us are immune, most of us have been there, done that. But to those who’re experiencing their first go-round in this kinda rodeo, I offer heartfelt encouragement.
Grandma was right when she told you to keep your head down, and keep workin’ hard ‘n smart one day at a time. Read more
I owe Glenn Kelman an apology. When Redfin.com was young — which is to say four long years ago — I swore that Glenn’s assertion that people would buy homes like books on Amazon.com was simply absurd. I have moved people into rental properties sight unseen, and quite a few of my investors let me pick out rental home investments for them. But I could not foresee a day when people would commit huge sums of money to purchase a residence they had seen only on the internet.
Today I am obliged to eat my words — and I’m damn glad I don’t wear a hat!
I had email this afternoon from a vistor to our Phoenix MLS search site, FreePhoenixMLSSearch.com. Writing to me from Florida, he had found a property on our site that he wanted to purchase. To his credit, the home is very aggressively priced to its competition, as well as being listed for several thousand dollars less than the lowest recent comparable sale. In other words, very far from being wrong about this offer, he is right on the money. Plus which, he’s an investor, so he’s not going to have to explain to his spouse that he bought her a mail-order homestead.
But still…
But: Still: Thanks to DocuSign, we had everything done 53 minutes later. I had Phoenix handyman Mark Deermer meet me at the property so we could take a look at it — this after the contracts were already executed — but there was no key in the lockbox so we weren’t able to go inside. But we have ten days from acceptance to look for red flags, so there’s no risk in the work we’ve done so far.
But still…
Took me by surprise, but it’s been utterly painless till now. We may end up killing the deal yet, but, if not, we’ll close in 30 days or fewer.
So: Glenn Kelman: My hat — the one I don’t wear and won’t have to eat — is off to you. It’s a whole new world of real estate.
Dear David Gibbons: Around here we dance on bridges.
I rejoice that you are seeking splendor!
Someday, please teach us all to Diski Dance on a bridge!
I’ve never really cared much about the infinite number of sites ‘marketing’ listings for real estate agents. It’s always struck me as oversold at best, and a con at worst. I’ll let you gentle readers gimme your experience in the comments section. I have done a kinda sorta poll in the last 10 days or so. The question was — How many sold listings do you attribute to any of the various sites that do that sorta thing? Mostly I was greeted with a whole buncha silence, though some immediately admitted not knowing.
This question began to bug me about 18 months ago as I was headin’ towards the return of my firm to our local San Diego market. I’m gonna be a lister for the most part — can’t help it, it’s in my DNA. My dad always said it was one of the ways to keep my ManCard. 🙂 Actually, those who know me assume I won’t be showing houses, as my son will be representing buyers who can’t get started in investment property, but can own as cheaply as they can rent — another post altogether. I’m more than happy for him to be on the road. 🙂
As I was sayin’, in January of 2009 I was wondering how effective these sites really are when the Firestones kissed the pavement. The answers most agents finally gave me were exactly what I’d expected — they use them to get listings. Potential sellers are impressed like Little Leaguers at their first big league game when they see that Larry Lister from TopProducer Real Estate will be putting their home on 3,058 different sites — and by Saturday to boot. Boy, does that guy know how to market, or what?!
Um, I opt for ‘what’. This declaration of implied marketing savvy, also implies the agent is a techie of the first degree. Geez, does he leap tall buildings in a single bound too?
Wanting to find out for myself, I did a little experiment with the first local listing I’d taken in about six years. No sign — no fancy stand-alone websites Read more
by Brian Brady
Commercial Real Estate Finance Expert
Structured Debt and Equity
Licensed Real Estate Broker in AL, CA, and FL
Home, of course.
Anybody who followed his World Cup trip to South Africa saw the glow on his face, in his Facebook pictures, and the longing in his heart, on his Facebook status updates. Social media are interesting platforms. They have the power to bring you much closer to people you’ve met or allow you to learn more about those you’ve yet to meet. I “met” David on Active Rain, was drawn to the Zillow brand because of him (and Drew Meyers), and am grateful to him for supporting the inaugural real estate social media marketing conference.
I’ve battled with, yelled at, drank beer with, collaborated with, and tried to support David Gibbons for a number of reasons but, in the end, it’s all about mentschkeit. David G from Zillow is the type of guy you want on your team….and you want to play on his team, too.
I”m not going to cry about his departure because between Skype and Facebook, Seattle is not much farther than Jo-Berg. My goal today is to remind you of the single most important lesson we learned, from David G: What Would David Gibbons Do?
The WWDGD lesson is to represent yourself positively online and always sell your brand. The trick is in the delivery. David G. never skulked and pounced, like a sleazy corporate pitchman. David G. was always part of the conversation, offering ideas, debating, and developing best practices. If there was ever a spokesman for the ” RE.net“, Davig G would be that guy. Why? He lives in our world.
So I’ll just say “Hamba Kahle” to David G. I’d say I’ll miss him but I doubt I’ll notice he’s moved.
I mentioned this in a comment last night, so I thought I’d post it. The video linked below is me delivering the opening presentation at BloodhoundBlog Unchained in Phoenix in May of 2008. The meta-topic is Web 2.0 as the best-yet realization of Greek ideals in the marketplace and in the marketplace of ideas.
This is stunning.
…in Oregon, where the state teachers union declared last year that resisting another full-time virtual charter company, the Baltimore-based Connections Academy, would be its top priority
Not educating student,s but resisting change.
Yesterday was no day at the beach. Okay, technically I suppose you could twist the facts around and put a major league, curve ball spin on it and call it a day at the beach. You know, if you want to get hung up on little details like how I spent the entire day at the beach. I packed up my two boys, an ice chest full of Cheetos and one large cantaloupe. (I didn’t bring a knife and apparently you don’t eat those things like an apple, so I returned with one empty ice chest and one large cantaloupe.) I met up with my good friend and occasional confessor Brian Brady and his lovely daughter. We were later joined by his wife, whom I’ll just call Mrs. Lance Armstrong Brady for this story, and we spent an entire, glorious day at the beach. But other than that, yesterday was no day at the beach. Yeah, okay, I see your point. Put it this way, it wasn’t a typical day at the beach.
For me, a typical day at the beach would mainly involve long discussions with Brian on solving the world’s problems (ask us sometime… we’ve got the whole thing whittled down to a small pamphlet) and occasionally testing the sandy hardness of the ocean floor by falling off my boogie board. (This is all done purposefully and as part of my larger interest in oceanography. I could ride a wave on a boogie board if I wanted to…) Sometimes, just to spice things up, I see how long I can hold in my gut without passing out in front of an attractive, bikini-clad woman. They usually do a surprisingly good job of pretending to not even notice me, but we’re so close to Hollywood I assume most of them are just acting… Anyway, that’s a typical day at the beach for me. But not yesterday. Yesterday I was distracted by a gigantic hole. Yes, a hole… in the sand. Like I said: not your typical day at the beach.
My two boys and Brian’s daughter spent a good chunk of their morning – when they weren’t out on boogie boards Read more
I love the team concept as it’s executed corrected by some in the business. However, most of them, IMHO, and through first hand observation, produce pre-tax income less for most team leaders than most think. Going even further, I’d say those workin’ by themselves or partnered, using only assistants, not commissioned agents, will almost always bank more coin than team leaders.
The model I’ve used since late 1996 is so old it was in place in ancient Rome. It starts at the top with The Guy who then has as many assistants as needed, doing all the work that supports rather than generates company earnings. I’d never go as far as to say it beats the Team approach every time out, but there are some distinct advantages to my favored MO when compared tit or tat with the typical team.
My MO, as stated up top, is simple. I hire assistants as business volume dictates. The more the business, the more assistants. When I was able to work in my local market, San Diego, there were long stretches when I had three full timers — none of whom were paid salaries or by the hour. All were paid based on my production. See what I mean? Nothing new or ‘cutting edge’.
The Boss (Don’t ask who that is — must I explain marriage?) for years has resisted my somewhat awkward attempts to point her in this direction for one of her companies. It’s a retail bridal gown ‘n stuff kinda store. She’s a well known designer who’s also sold to other stores nationwide via her wholesale operation — she’s been doin’ this for over 20 years. Her store (Yes Stevie, there is a God) shares a wall with Hooters in the Mission Valley area of San Diego. It’s a measly 500 square feet.
Her MO was to hire salesladies to deal with customers. It was a constant pain in the ass, as most of ’em couldn’t manage a one-man picnic if given a plan and a how-to video. I finally resorted to begging and pleading. Then one night not long Read more
We weren’t even out that long… But don’t think for a minute that I envy you your snow.
If you’re a true communist real estate photographer like I once was and your getting ready to go as far right as my friends in the business Greg Swann and Brian Brady, who I humbly agree with; then it’s time to drop your ordinary communist real estate photography money distributing, crummy, worthless shop. Warning to all communist!!! The remainder of this article is about greedy greed greed; making money.
You might be asking, what is a true communist real estate photographer like I mentioned in sentence one? A communist real estate photographer is what I used to be; simply list a home explain why I’m “THE GUY” and then take some “communist real estate photos” with my $350 best buy camera and put em’ in the system. Why is a $350 best buy camera SO COMMUNIST you might be asking? Simply put, in this new world of real estate over the past five years, myself and many others who are still in the business having had to adapt.
One of the ways I’ve adapted is really quite simple; CHANGE. I believe in THREE main capitalist scenario’s needed to sell a home.
1) Exposure (advertising) only a greedy greed greed capitalist would invest advertising money to make money.
2) Presentation (PHOTOGRAPHY & VIDEO) this is where I was a communist. My PRESENTATION sucked. Buyer’s looking at online couldn’t distinguish a Worthington Realty home from any other home. Simply put, I was losing money for myself and clients alike. I wasn’t totally doing my job. SO I CHANGED. I made a near $2,000 investment in real estate photography equipment to get me started.
I AM NO HARRY BISEL, as a matter of fact, if my photos could be half as good, I’ve succeeded. I have noticed because my PRESENTATION has “professional like” quality photos, my SHOWING numbers have gone WAY UP, and in turn I have CLOSED more deals.
How do ya like that Greedy Greed Greed explanation? I was your typical communist real estate photographer and didn’t even know it.
3) In case you’re wondering what the final point is – “Value” If the home is properly priced it Read more